Jim Rogers commented on the recent move by the University of Texas to take delivery of $1 billion in gold, saying the decision is long overdue, and has only occurred because everyone else is now buying... thereby taking metal out of circulation.He adds, "But where were these guys five, 10 years ago? That's when they should have been doing all this." Indeed, the momentum chasers never show up until it's too late.

Then Rogers had some words of caution for silver bulls: "If silver continues to go up like it has been over the past two or three weeks, yes, it would get to triple-digits this year. And then we'll have to worry. It's not parabolic yet. I hope something stops it going up in the foreseeable future and we have a correction."